Much information from our private and work related lives is stored in our smart phones. Losing a device or getting it stolen can be disastrous, way beyond the monetary loss.
Apple has a nifty feature which allows to remotely erase and lock your phone if you ever faced that problem and wanted to make sure your personal information would not fall into the wrong hands. At the same time, this renders the device useless for those not in possession of your ID and password.
